Page 19 - 27. COMPILER QB - IND AS 7

Loss on sale of Asset 8,000
Profit after tax 3,32,000
Less: Tax 1,20,000
Profit After Tax 2,12,000

Balance sheet as on March 31, 2021
2021 (Rs) 2020 (Rs)
Assets
Non-current Assets
Property, Plant and Equipment 3,00,000 2,60,000
Investment 48,000 40,000
Current Assets
Inventories 48,000 52,000
Trade receivables 40,000 28,000
Cash and cash equivalents 24,000 20,000
Total 4,60,000 4,00,000
Equity and Liabilities
Shareholders‖ Funds 2,40,000 2,00,000

Non-current Liabilities 1,32,000 1,40,000
Current Liabilities
Trade Payables 48,000 32,000
Payables for Expenses 40,000 28,000
Total 4,60,000 4,00,000
SOLUTION

Cash flow from Operations by Direct Method
Particulars Rs. See Note
Cash Sales 20,12,000 1
Less: Cash Purchases 13,80,000 2
Overheads 2,08,000 3
Interest - Financing
Depreciation - Non-cash item
Loss on sale of the asset - Investing item
Cash profit 4,24,000
Less: Tax (1,20,000)
Cash profit after tax 3,04,000

Note No 1 - Cash Receipts from Sales and Trade receivables
Particulars Rs.
Sales 20,00,000
Add: Opening Trade receivables 28,000
Less: Closing Trade receivables 40,000
Cash Receipts 20,12,000

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